UBS Q3 Profit Doubles Estimates to $1.43B; Plans 2025 Buybacks, Warns of US Election Headwinds

Oct 30, 2024, 06:35 AM

UBS reported a stronger-than-expected net profit of $1.43 billion for the third quarter, nearly doubling analysts' expectations. The Swiss bank posted a pre-tax profit of $1.93 billion, surpassing the company-provided consensus estimate of $1.17 billion. Total revenue reached $12.33 billion, up 5% year-on-year and exceeding the estimated $11.46 billion. The results reflect the faster-than-expected integration of Credit Suisse and robust performance in global wealth management, with an underlying pre-tax profit of $2.4 billion. UBS confirmed its goal of achieving $13 billion in cost savings by fiscal year 2026 and announced plans to resume share buybacks in 2025. The bank warned of potential headwinds, including the upcoming U.S. elections and declining interest income. UBS shares rose following the earnings announcement.